Beware of Estate Agents Fees

Beware of Estate Agents Fees !!!!

One of the main concerns that many vendors have prior to putting a property on the market is the confusion that reigns with regards the fees charged by estate agents.

This is a concern that we can totally empathise with especially after recently chatting to a number of people who currently have properties on the market. I was absolutely gobsmacked to find that certain estate agents in the Dudley area were charging in excess of £4,000 for selling properties with a market value of less than £100k – a fee of OVER 4% !!!!!!

The national average for estate agents fees is about 1.8% and in the Dudley, Sedgley, Kingswinford, Wombourne and surrounding areas most agents charge between 1% and 2% with certain minimum fees applicable.

Some key elements to consider when selecting and agent and discussing their fees are :–

Sole versus multiple

If you need a quick sale then it may prove beneficial to instruct multiple agents to market your property. The fees in this instance will be much greater and as such need to be balanced against the need to sell the property quickly. Using multiple agents will usually cost you more.

Percentage Or Fixed Fee?

Fixed Fees often give vendors a sense of security in the fact that they know exactly how much it will cost them to sell their property.  On the other hand , agreeing a percentage rate with your agent means that they are incentivised to achieve the best price possible.

Beware of the HIDDEN EXTRAS

It is vitally important to ascertain what exactly is included in the fees. As well as the fee for selling a property some agents around Dudley charge an upfront marketing fee, charge for newspaper advertising, charge for a board etc. It is VITAL that you make sure you take everything into consideration.

The better agents will not charge any additional fees as they will be confident in their ability to sell your property and as such will not be constantly worried about covering their costs.

 

It is always advisable to get 3 agents round to value your property – not only to get 3 independent quotes but also to get a feel for the market value of your home. By taking into consideration the fees, other contractual obligations (see earlier blog) and the level of service provided you will be in the best position to make an informed choice.

If any of the above gives you cause for concern or if you would like to discuss our competitive fees then please callAled Edwards on (01384) 468121 – it will be our pleasure to assist.